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Energy operator of Azerbaijan increases capital by almost 13 percent

Oil&Gas Materials 13 August 2012 18:06
The State Securities Committee (SSC) of Azerbaijan registered prospectus of ordinary book-entry shares of state-owned company Azerenergy (production and distribution of electricity in the country) for a total of 200.46 million manat, the Committee said on Monday.
Energy operator of Azerbaijan increases capital by almost 13 percent

Azerbaijan, Baku, Aug.13 /Trend A.Akhundov/

The State Securities Committee (SSC) of Azerbaijan registered prospectus of ordinary book-entry shares of state-owned company Azerenergy (production and distribution of electricity in the country) for a total of 200.46 million manat, the Committee said on Monday.

In the frame of the prospectus 10.023 million shares with a nominal value of 20 manat each were issued.

Thus, the company's authorized capital will be increased from 1.56 billion manat to 1.76 billion manat, the State Committee reported.

Azerenergy is engaged in the production and distribution of electric power in Azerbaijan. In particular, the company sells the electricity to JSC Bakielektrikshebeke, which then distributes and sells it in Baku.

There are more than 200 substations, six hydroelectric power plants and 13 thermal power plants on the balance of Azerenergy.

Official exchange rate of Aug.13 is 0.7855 AZN/USD

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